Summary of Nicholas Wapshott's Samuelson Friedman

By IRB Media

Get the Summary of Nicholas Wapshott's Samuelson Friedman in 20 minutes. Please note: This is a summary & not the original book. Original book introduction: In 1966 two columnists joined Newsweek magazine. Their assignment: debate the world of business and economics. Paul Samuelson was a towering figure in Keynesian economics, which supported the management of the economy along lines prescribed by John Maynard Keynes’s General Theory. Milton Friedman, little known at that time outside of conservative academic circles, championed “monetarism” and insisted the Federal Reserve maintain tight control over the amount of money circulating in the economy.

• Language: English
• Publisher: IRB Media
• Release date: Dec 9, 2021
• ISBN: 9781669343080

IRB Media

With IRB books, you can get the key takeaways and analysis of a book in 15 minutes. We read every chapter, identify the key takeaways and analyze them for your convenience.

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Insights on Nicholas Wapshott's Samuelson Friedman

Contents

Insights from Chapter 1

Insights from Chapter 2

Insights from Chapter 3

Insights from Chapter 4

Insights from Chapter 5

Insights from Chapter 6

Insights from Chapter 7

Insights from Chapter 8

Insights from Chapter 9

Insights from Chapter 10

Insights from Chapter 11

Insights from Chapter 12

Insights from Chapter 13

Insights from Chapter 14

Insights from Chapter 15

Insights from Chapter 16

Insights from Chapter 17

Insights from Chapter 1

#1

Vincent Astor, the head of the American branch of the New York real estate family, had been unwell since visiting his English cousins. On February 3, 1959, he died suddenly at the age of 66. His death was the first act in a series of unfortunate events that would inadvertently construct a stage for one of the most significant and bitter economic debates of all time.

#2

The legendary Brooke Astor left her $134 million fortune to her daughter, which at the time was the largest gift ever given to a single person. The money was used to buy Newsweek, which was then sold to Phil Graham for $15 million.

#3

The magazine’s editorial direction changed immediately. As a way to distance itself from the Republican-leaning Time, the new editor in chief, Oz Elliott, set about replacing the magazine’s conservative views with more liberal and entertaining ones.

#4

Kennedy’s assassination less than two years later distanced Galbraith from the Democratic leadership, as power shifted to Kennedy’s vice president, Lyndon Johnson.

#5

Milton Friedman, an economist at the University of Chicago, was approached by the editor of Newsweek, who wanted him to write a weekly column for the magazine.

#6

The most articulate and persistent verbal contest between major economists since Hayek and Keynes first clashed in 1931 was between Samuelson and Friedman.

#7

The two men had a good working relationship and respected each other.

Insights from Chapter 2

#1

Samuelson’s father was a pharmacist who served primarily